Nel ASA: Management Void and Slumping Orders Raise the Stakes for July 15 Results
Published on 07/03/2026 at 14:23 | Redaktion boerse-global.de
Shares of Norwegian hydrogen specialist Nel ASA clawed back some ground on Friday, rising 2.91% to €0.21, as investors turned their attention to the half-year earnings due in mid-July. The modest gain comes after a brutal month that wiped out roughly 34% of the stock’s value, leaving it trading precisely on its 200-day moving average — a technical level that could determine the next leg of the journey.
That €0.21 support level is being watched closely by chartists. The relative strength index (RSI) has oscillated between 34.6 and 38.2 in recent sessions, territory that typically signals an oversold condition but offers no guarantee of a bounce. If the 200-day line breaks, the selling pressure could intensify.
A Leadership Vacuum at a Critical Moment
The upcoming earnings report on July 15 will be the first major financial update since CEO HĂĄkon Volldal stunned the market in mid-June by announcing his resignation. He will remain in post during a six-month notice period while the board scrambles to find a successor. The timing is awkward: Nel is trying to scale its electrolyser production and commercialise a new technology platform, decisions that demand clear strategic direction.
The management uncertainty compounds deeper operational headwinds. Nel’s order intake collapsed by 73% in the first quarter, eroding confidence in near-term revenue visibility. For the full year, analysts forecast a loss of 0.239 Norwegian kroner per share — a figure that underscores the challenge of turning early-stage hydrogen bets into earnings.
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Signs of a Gradual Operational Recovery
Despite the order book weakness, second-quarter estimates suggest a modest rebound. Market observers project revenue of around 191.8 million kroner, representing year-on-year growth of roughly 10%. The improvement is expected to be driven by increased activity in the proton exchange membrane (PEM) segment. The loss per share is seen narrowing to 0.053 kroner, compared with a loss of 0.070 kroner in the same period last year.
That trajectory, if confirmed, would mark a turnaround from the sluggish start to 2024. Yet the big test lies in whether Nel can convert its technology advances into firm commercial contracts.
New Platform, Old Cost Pressures
In May, Nel launched a new alkaline pressure electrolyser platform designed to drive costs for 25-megawatt installations below $1,450 per kilowatt. The move is aimed at sharpening the group’s competitive edge in a crowded market where subsidy timelines and industrial demand remain uncertain. The company has been channelling its cash reserves — 1.44 billion kroner as of the end of March — into expanding capacity by one gigawatt.
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But the cash burn, combined with the leadership vacuum and the order slump, means the second half of 2024 will be pivotal. Analysts want to see concrete orders for the new platform to underpin growth projections for 2027 and beyond.
A Tightrope Walk
Nel is therefore entering its earnings season on a knife’s edge. The technical picture offers a fragile floor, while the fundamental story hinges on whether the recovery in Q2 revenue can be sustained and accelerated. The CEO departure adds an extra layer of execution risk just as the company needs to prove its commercial discipline. For now, the market is counting down to July 15 — and that date will determine whether the recent stabilization is a genuine base or merely a pause before more downside.
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Nel ASA Stock: New Analysis - 3 July
Fresh Nel ASA information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
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